Division of Assets Attorney in Hackensack, New Jersey
One of the most challenging aspects of any divorce is the task of dividing all of the marital assets. When a couple is married, they collect years of belongings and the idea of letting go of certain belongings that were once so important to the couple can be heartbreaking. Some couples are able to divide their assets fairly outside of court while others need a judge to step in and make this decision on their behalf in order to move the divorce along. If the process of dividing assets in your divorce is contested, it is essential to have the guidance of a skilled legal team who can fight for your rights. Mark McAuliffe of McNerney & McAuliffe can effectively represent your interests and help you achieve the desired outcome in your divorce. Contact our firm today to schedule a consultation with Attorney McAuliffe to discuss your case.
What is Equitable Distribution?
Equitable distribution is the process by which property is divided in a divorce. Equitable does not mean equal, it simply means that the property will be split in a way that is fair to both sides. The court will determine what is equitable based on a number of factors surrounding the marriage. Some of the factors taken into consideration when dividing marital assets include:
- the amount each spouse contributed to the marital property
- the age and health of each spouse
- tax consequences they may face as a result of the distribution
- the economic status of each spouse
Marital Property in New Jersey
For a court to equitably distribute assets, it is important to decipher between what is marital and what is separate. Simply put, marital property is an asset brought into the marriage or acquired during the marriage. Separate property is a different matter. More complicated, separate property is left out of the marriage or property acquired during the marriage that could be considered separate, including personal injury payments, gifts, and inheritances.
Economic Fault Considerations in Equitable Distribution
In the state of New Jersey, personal issues will typically not be impacted by the fault of one spouse. For example, if your spouse cheated on you, it will most likely not provide you with a greater entitlement to marital assets. However, economic fault can possibly impact your case. So if you or your spouse intentionally wasted marital assets, the court might consider it as a factor against the wrongdoer. This can have an impact on the number of assets you receive in the divorce settlement.
Contact a Bergen County Divorce Attorney
If you are getting a divorce and property distribution is a contested issue, it is important to discuss your matter with an attorney as soon as possible. Mark McAuliffe of McNerney & McAuliffe has significant experience and success helping clients through tough times, such as divorce. Equitable distribution is a complex and often emotional issue in any divorce. With so many factors that can impact your case, it is important to have the right legal support. To schedule a consultation with Attorney McAuliffe, contact McNerney & McAuliffe today.